Croatian Lottery Records Massive Loss

Eyebrows have been raised after it was reported in the media that the state-owned lottery organisation Hrvatska lutrija (Croatia Lottery), recorded massive losses in 2012.

In the first three-quarters of 2012, Hrvatska lutrija posted losses of close to 500,000 euros (3.5 million kuna). In the same period a year before, the organisation posted 3.8 million kuna (500,000 euros) profits, forcing many to raise their eyebrows how the national body, which is charged with looking after the game of chance in the country, could have gone backwards at such a rapid rate.

According to Hrvatska lutrija’s financial reports, revenues actually grew in 2012 slightly to 329.4 million kuna (48 million euros). The report also shows a massive jump in “other costs”, growing to 10.5 million kuna (1.3 million euros), nearly four times more than other business expenditure, reports Tportal, saying that there has been no forthcoming explanation about its results from Hrvatska lutrija.